Key Points and Budget Highlights:‣ No changes to income tax, national insurance, or VAT rates; but as income is expected to rise, more people pay tax or go into the higher rates. ‣ Corporation tax (CT) rates to increase to 25% on profits over £250,000 from April 2023; CT rate at 19% remains for smaller companies with profits under £50,000. Taper relief on CT for profits between the two levels. ‣ Super-deduction for investment in new equipment; from 1 April 130% tax relief for companies only.‣ Three year carry back of trading losses – See: https://www.gov.uk/government/publications/extended-loss-carry-back-for-businesses‣ VAT registration limit frozen at £85,000 until 1 April 2024.‣ 5% VAT rate for food, attractions, accommodation extended – See details here: https://www.gov.uk/guidance/vat-reduced-rate-for-hospitality-holiday-accommodation-and-attractions‣ Stamp Duty Land Tax thresholds extended.‣ Apprenticeship schemes extended.‣ New grants for high street businesses and hospitality sector – See: https://www.bighospitality.co.uk/Article/2021/03/01/Budget-to-include-5bn-restart-grant-scheme-for-hospitality-and-High-Street-businesses‣ New business recovery loan scheme – See: https://www.gov.uk/guidance/recovery-loan-scheme‣ Furlough scheme extended to 30 September – See: https://www.gov.uk/government/publications/changes-to-the-coronavirus-job-retention-scheme/changes-to-the-coronavirus-job-retention-scheme‣ Self-employed income support grants extended – See: https://www.gov.uk/government/publications/self-employment-income-support-scheme-grant-extension/self-employment-income-support-scheme-grant-extensionSee our Budget Report or watch last weeks roundup for a more detailed summary of business measures here: https://rebrand.ly/LB_BudgetReport‣ From 2023 changes to late filing penalties for tax – linked to a percentage of the tax, the percentage increasing as time goes on.‣ Government continuing to tackle tax avoidance schemes, changes to penalties, and new powers for HMRC to obtain information from financial institutions. ‣ Free rapid tests for all businesses for regular workplace testing - available to all businesses, including those with fewer than 50 employees. Register interest by 31 March to access free workplace testing. See: https://www.gov.uk/government/news/free-rapid-tests-for-all-businesses-for-regular-workplace-testing‣ Continuation of the home office equipment expenses COVID-19 easement for the 2021-22 tax year - was due to end on 5 April 2021 but will now be extended to have effect until 5 April 2022. See: https://www.gov.uk/tax-relief-for-employees/buying-other-equipment‣ Kickstart Scheme update - You no longer need a minimum of 30 job placements to apply directly for a grant. See: https://www.gov.uk/guidance/apply-for-a-kickstart-scheme-grant‣ Common mistakes on a VAT return∙ Poor record keeping∙ Partial exemption rules not being applied correctly or at all∙ FaThank you for tuning in to the Lewis Brownlee Podcast! If you enjoyed this episode, make sure to subscribe and leave a review to stay updated on our latest insights and discussions. To learn more about our services, visit us at www.lewisbrownlee.co.uk or follow us on social media: Twitter: @LewisBrownlee LinkedIn: Lewis Brownlee For any questions or feedback, feel free to reach out at [email protected] Disclaimer: The content of this podcast is for informational purposes only and should not be considered financial advice. Please consult with a professional advisor for tailored guidance.

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